Critical Success Factors for Successful Entrepreneurs

 

Critical Success Factors for Successful Entrepreneurs

 

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Table of content

1.0. Abstract…………………………………………………………………………….. 3

1.1. Design/Methodology/Approach…………………………………………………….3

1.2. Findings……………………………………………………………………………….3

1.3. Research Limitations/Implications…………………………………………………..4

1.4. Practical Implications………………………………………………………………..4

1.5. Originality/Value…………………………………………………………………….4

1.6. Introduction………………………………………………………………………….4

1.7. Overview……………………………………………………………………………5

1.8. Discussion of the model…………………………………………………………..12

1.9. Goal………………………………………………………………………………………………………………14

2.0. Importance of the model………………………………………………………………………………….15

2.1. Recommendations…………………………………………………………………………………………..15

2.2. Limitation……………………………………………………………………………..15

2.3. Conclusion…………………………………………………………………………….16

2.4. References…………………………………………………………………………….18

 

 

 

 

 

 

 

Abstract

            The study aims at exploring the critical success factors that influence the success of entrepreneurs. In an effort to achieve this purpose, the objective of the study is to assess several factors that are common among successful entrepreneurs as well as their significance and implication. For purposes of creating a better understanding of successful entrepreneurship the study will examining empirical results as well as theoretical information from a body of literature related to the aspects of successful entrepreneurship.

1.1.Design/Methodology/Approach

The study involved a comprehensive literature review particularly on the subject of critical factors for successful entrepreneur. Five critical factors were developed and the importance of each factor was discussed. These factors formed the list of the most common critical factors that were applied by the successful entrepreneurs.  Qualitative method was used in the research for purposes of investigating the research topic.

1.2. Findings –          

All the factors that were examined had an important aspect in regard to the success of an entrepreneur.  Each one of the five critical factors for successful entrepreneur played a critical role in the success of an entrepreneur and not one particular factor can be treated in isolation of the other.

1.3.Research Limitations/Implications

During the study the respondents were unwilling to answer particular questions regarding their business financial matters. There was partiality on the methods used to determine business success.

1.4. Practical Implications

The model is very vital for companies that seek ways in which they can operate a successful and productive business enterprise. These factors seek to give a comprehensive way in which a business enterprise should be carried out to ensure profitability, efficiency and most importantly success.

1.5.Originality/Value

The study highlights the factors that are more common among most successful companies and their implication on the success of a business enterprise. The five critical factors contribute equally in the realization of success .the implication of each of these factors determines the success or failure of company. There were a number of different variables that were used in the study and they were categorized into three. These variables included; financing of the business, personal factors, and management in general.

1.6. Introduction

            Arguably, there is not a particular success recipe that can be identified as the only way to successful entrepreneurship (Batra et al, 2012).  Nonetheless, there are a number of common factors that a good number of successful entrepreneurs have used which have contributed a great deal to the success stories of their respective companies. According to Henderson, (2002) entrepreneurs a group of unique individuals who manage the operations of the business, assume risks, bear the blunt of their failure, as well as enjoy the rewards of their success. Entrepreneurs are divided in to two categories namely; growth and lifestyle entrepreneur. High- growth entrepreneurs according to Henderson, (2002) are those that are focused on developing a more valuable company that is highly visible. These kinds of entrepreneurs are capable of doing almost anything to ensure that the aims and objectives of their firms are achieved (Thomas & Mueller, 2000). Lifestyle entrepreneurs on the other hand, are those entrepreneurs who incorporate a firm for the sole purpose of satisfying his lifestyle desires or for purposes of supporting his family (Golder et al, 2012). It has been argued that setting realistic goals in a company is a key factor to the success that firm (Homburg et al, 2012)). It therefore follows that setting goals that are overly vague and optimistic may work against the company’s efforts of growth and success. Certainly, there is a need for every firm to have a clear mission statement as well as a clear vision. Jack, Dodd, & Anderson, (2008) confirms that this will enable the staff of the company to have a clear business goal with the required specifications and information on how to execute their duties and responsibilities effectively.

Some of the critical success factors for successful entrepreneurs can be categorized into five factors which will be examined hereafter in the discussion. These factors include; identification of stretch goals with specific timelines as well as rational highlight (Kreiser& Davis, 2010).  These goals according to McGrath, MacMillan, &Scheinberg, (1992) should match with the set spending and investment plans of the company. The second critical factor for successful entrepreneurs entails identifying the company’s target customers and understanding the needs of that particular group (Sridhar &Srinivasan, 2012). This can give the firm an opportunity to evaluate what they can offer to their target customers better than any other firm (Walker & Brown, 2004). Another factor that is critical for successful entrepreneurs is doing research on the field of competition (Lee & Peterson, 2000).  The firm needs to carry out a research and classify its competitors outlining their weaknesses and strong points. Troye&Supphellen, (2012) argue that out of the research, a company can be at a better position to make a comparison with the competitors and assist the company strengthens its weak points.   Investing in marketing is another key factor that determines the success of an entrepreneur. Hills & La Forge, (1992) points out that marketing creates points of products differentiation and also clarifies the value of the company’s products. It has been suggested that for an entrepreneurship to be successful, he must create a marketing and sales team that has common measures, objectives as well as common milestones (Lumpkin et al, 2009).  For an entrepreneur to be successful, he must exhibit fiscal prudence, yet prepared to mull over targeted investment for purposes of developing a strong infrastructure of his business (Pena, 2002). Execution of business plans in a swift and effective way is also a key factor in achieving success in any kind of entrepreneurship. This can only happen where the company has identified its objectives as well as business plans, and effectively communicated them throughout the organization while encouraging involvement and adoption of such plans at all levels (Chen et al, 2012).

1.7. Overview

The role of entrepreneurship is very vital in the development of any country.  The role of entrepreneurs in any economy includes employment creation, producing innovation, commercialize innovations, and contribute to growth in productivity. Entrepreneurs a group of unique individuals, who manage the operations of the business, assume risks, bear the blunt of their failure, as well as enjoy the rewards of their success. Entrepreneurs are divided in to two categories namely; growth and lifestyle entrepreneur. There are a number of common factors that a good number of successful entrepreneurs have used which have contributed a great deal to the success stories of their respective companies.

Some of these critical factors include; the ability to highlight the stretch goals of a company with specific timelines as well as rational highlight. These goals must match with the set spending and investment plans of the company. Certainly, there is a need for every firm to have a clear mission statement as well as a clear vision; identifying the company’s target customers and understanding the needs of that particular group. This can give the firm an opportunity to evaluate what they can offer to their target customers better than any other firm; an entrepreneur should undertake research on the field of competition. The entrepreneur needs to carry out a research and classify its competitors outlining their weaknesses and strong points. From the research a company can be at a better position to make a comparison with the competitors and assist the company strengthens its weak points; an entrepreneur must also creating a marketing foundation; an entrepreneur  must be able to build a marketing and sales team that has common measures, objectives as well as common milestones.

Most successful companies have registered better results by encouraging the sales and marketing team to work together; he must also exhibit fiscal prudence, yet prepared to mull over targeted investment for purposes of developing a strong infrastructure of his business; success of an entrepreneur can also be determined by the ability of such an individual to Execution of business plans in a swift and effective way is also a key factor in achieving success in any kind of entrepreneurship. It should be noted that none of these critical factors can be singled out as being superior to the other as they all contribute equally to a successful entrepreneurship.

 

1.8. Discussion of the Model

            For an entrepreneur to be successful, there are a number of critical success factors that he or she must consider implementing in their business enterprise. this success factors include ability to highlight the stretch goals of a company with specific timelines as well as rational highlight, identifying the company’s target customers and understanding the needs of that particular group, undertaking research in the competition landscape, Creating a marketing foundation, and finally the entrepreneur should exhibit financial prudence, yet prepared to mull over targeted investment for purposes of developing a strong infrastructure of his business. Lee and Peterson, (2000) suggest that for any entrepreneur to be successful, the decision making of such an entrepreneur must apply the approach of Entrepreneurial Orientation. This approach enhances the capabilities and skills of an entrepreneur. Such skills enable the entrepreneur to be aware of new technologies in the market, current trends in the market as well as assess new potentials (Avery et al, 2012).

According to Lumpkin, Cogliser& Schneider, (2009) there are five dimensions of Entrepreneurial Orientation which can go a long way in boosting the success of a company. These dimensions include; taking risks, autonomy, competitive aggressiveness, innovativeness, and proactiveness.

 

F1: Creating a marketing foundation and creating a marketing and sales team with common objectives.

According to Rubera & Kirca, (2012) creating a marketing foundation is another critical success factor for successful entrepreneurs. Most entrepreneurs have a misconception that marketing during initial the stages of a company’s growth is not important and therefore a waste of resources. Others believe that once a company is ready to develop a brand, then it can start marketing (Rubera&Kirca, 2012).  Nevertheless, companies that have done very well over the years spent resources as well as quality time to cautiously develop value propositions that are very unique, and also build a sale tool foundation before they launch their products.

The issue of branding has sparked confusion among many entrepreneurs.  Golder et al, (2012) states that an extravagant launch does not in any way represent branding. Branding entails message as well as mission. Entrepreneurs who have been successful create a message that is clear, then reiterate and emphasize the message. With a strong and effective marketing team makes it possible for all employees to sell the value proposition of the product with ease.

 

A good number of successful entrepreneurs agree that to be a successful entrepreneur, one must be able to build a marketing and sales team that has common measures, objectives as well as common milestones (Burns, 2001). Most successful companies have registered better results by encouraging sales and marketing team to work together. Study shows that there is a very close relationship between sales and marketing particularly in large and successful businesses (Schumpeter, 1934). For this strategy to work in a given company, a link of common objectives between marketing and sales must be established. The cooperation between marketing and sales may be likened to a military campaign in which one squad defines the line of attack while the other troop implements that strategy. For a better performance in a company a similar working relation must be adopted where the strategy is set by marketing while best approach and tactics of the field are determined by sales.

According to Schumpeter, (1934) an entrepreneur is an individual who take advantage of the opportunity in the market through organizational and technical advancement. The fundamental role of an entrepreneur is creation of value in a market system that is free. In a more recent study conducted by George and Zahra, (2002) entrepreneurship was described as a deliberate act by an individual, region, organization, or even a community to identify and trail available investment opportunities for purposes of generating capital (Cui & O’Connor, 2012). Other research findings that are more contemporary believes that entrepreneurship involves finding opportunities, market making, as well as utilization of such opportunities (Kreiser& Davis, 2010).

 

F2:      Identifying the company’s target customers. Zablah et al, (2012) state that anither critical factor for successful entrepreneurs’ entails identifying the company’s target customers and understanding the needs of that particular group. This can give the firm an opportunity to evaluate what they can offer to their target customers better than any other firm. In their research, Wieseke et al, (2012) noted that many successful companies can attest to the fact that it takes a little more than just technical leadership to build a successful and appropriate enterprise. It therefore follows that the customers’ value must supersede the value of other solutions presently being offered. An entrepreneur must therefore understand his unique proposition value.  Value proposition may be achieved by focusing carefully on a particular target. It has been observed that an attempt to do everything at the same time may lead to poor execution of the company’s plans and overextension of resources (Troye&Supphellen, 2012). Additionally, the specific problem that must to be solved should be clarified by value proposition and the compelling reason for the choice of a particular solution must be elaborated. Through value propositions successful entrepreneurs engage their prospective cliental in the initial phase of product creation (Oksanen&Rilla, 2009)). They also gather feedback about the sales process, the product itself, market reaction, and the problems associated with their product. Such information has proven to be very vital in terms of streamlining business plans and increasing investments in sales and marketing.

F3:      undertaking research in the area of competition.

As Lussier & Pfeifer, (2001) suggest, doing research in the field of competition is a critical factor for successful entrepreneurs.  The firm needs to carry out a research and classify its competitors outlining their weaknesses and strong points. From the research a company can be at a better position to make a comparison with the competitors and assist the company strengthens its weak points (Lussier& Pfeifer, 2001).  The process of identifying the competitors of the company may start by highlighting the company’s target customers and understanding the needs of that particular group. This can give the firm an opportunity to evaluate what they can offer to their target customers better than any other firm. one area where entrepreneurs go wrong is concentrating so much on their products and failing to put into consideration the market trend that are evolving . Often times, entrepreneurs fail to foresee the likelihood of competitive innovations in the market that may outdo their products (Homburg et al, 2012). It is therefore important for entrepreneurs to carefully examine the market trends if they have to remain relevant and successful in today’s market where the lifecycle of product is reducing by the day.

In an effort to understand and identify the competitors of the company, an entrepreneur should consider a couple of things. The first one according to Osoba, (2009) is to understand how the today’s needs are addressed by the users without the company’s services or products. It is common knowledge that users of a particular product may come up with a service or even a solution that addresses the problem that an entrepreneur solves. Having done such an investigation, an entrepreneur will have a better understanding of the alternative available in the public domain before their products are launched. Secondly, an entrepreneur must also identify other technologies as well as products that are currently being used. With this kind of information a prudent entrepreneur will be able to identify his different competitors and as such, they can clarify their differentiation points (Torelli et al, 2012).

F4:      Ability to highlight the stretch goals of a company with specific timelines as well as rational highlight.

One of the critical success factors for successful entrepreneurs has been cited as the ability to highlight the stretch goals of a company with specific timelines as well as rational highlight (Swierczek& Ha, 2003). These goals must match with the set spending and investment plans of the company. Certainly, there is a need for every firm to have a clear mission statement as well as a clear vision. This will enable the staff of the company to have a clear business goal with the required specifications and information on how to execute their duties and responsibilities effectively (Bygrave, 1994). One of the factors that are essential for initiating and running a business enterprise is through careful planning right from the initial stages of the business. Planning entails several other aspects such as setting goals and making arrangements on how to attain such goals (Minniti& Levesque, 2010).

In a study conducted by Olawale&Garwe, (2010) risk taking was a very common factor among successful entrepreneurs. Most entrepreneurs who are willing to venture in investments that were uncertain have recorded unimaginable success. Such entrepreneurs follow the philosophy that there is no investment that does not involve risks. As aforementioned, proactiveness is another crucial element necessary for the success of any company (Rust & Huang, 2012).  This element is related to the implementation of objectives and goals of company. Entrepreneurs who are proactive participate actively in plans of the business and do everything in their power to ensure that their concepts bring about positive results (Currim et al, 2012).

F5: Exhibit fiscal prudence and execution of business plans swiftly and effectively.

For an entrepreneur to be successful according to Stahl et al, (2012) he must exhibit fiscal prudence, yet prepared to mull over targeted investment for purposes of developing a strong infrastructure of his business.  For an entrepreneur to be successful he must carefully design plans for the future of the company. Study shows that successful entrepreneurs had designed future plans of their firms that encouraged a culture of creative hiring and managing the rate of their cash burn. With respect to managing the rate of cash burn a good number of successful entrepreneurs were willing and able to make investments that were well thought about and strategic, that is, such investments were appropriate in terms of executing the company’s programs of marketing and sales (Bhide, 2000). There is also a lot of creativity among successful companies when it comes to hiring and firing their employees. The successful companies request retired executive to be part of their advisory staff. Sometimes, they use consultants for expertise and as such they get unique expertise in their projects and they are able to achieve the objectives of the company. It is not surprising that some of the most successful companies “poach” for the best employees from other companies and hire them.

Execution of business plans in a swift and effective way is also a key factor in achieving success in any kind of entrepreneurship. This can only happen where the company has identified its objectives as well as business plans, and effectively communicated them throughout the organization while encouraging involvement and adoption of such plans at all levels. The execution of a company’s plans should be not only aggressive but also executed in line with the set targets otherwise such execution may be a waste of the company’s resources. The ability to strike equilibrium on executing business plans aggressively and at the same time effectively is a challenge that many companies have not been able to deal with. Nonetheless, effective and swift execution of sales as well as marketing programs is achievable especially where there is a set plan. It should be noted that even where there is a well designed plan, some programs may not be successful.  The secret to achieving efficiency is through learning from the failures as well as borrowing some aspects of the successful programs and incorporating them.

Batra et al, (2012) content that aautonomy is a key element in the success of any business entrepreneur. This element acts as a catalyst for effective execution of entrepreneurial activity. Such an environment will bring about freedom and liberty necessary to generate ventures that are novel and profitable. In an effort to maintain autonomy a culture that upholds independent acts of entrepreneurs, seek opportunities, as well as maintain individual control without constraints from the society. Successful entrepreneurs should also be creative in their investment plans which are referred to as innovativeness (Sridhar &Srinivasan, 2012).

            Walker and Brown, (2004) agree that for any entrepreneur to be successful, there must be competitive Aggressiveness in the company. The only way to survive in today’s competitive and dynamic market is by designing aggressive plans that will give an entrepreneur an advantage over his competitors.

1.9. Goal:

The model of critical factors for successful entrepreneur can be adopted by any entrepreneur whose aim is to achieve maximum productivity and success in his business.  This success factors will encourage entrepreneurs to take risks which is very common factor among successful entrepreneurs (Storey, 1994). The success factors outline the absolute necessary issues that are capable of bringing positive results to an organization. Thus, an organization can be able to meet all its objectives as well as remain competitive in the market and succeed in the industry.

2.0. Importance of the Model:

Critical success factors for successful entrepreneurs are those issues or factors that are deemed important for purposes of the organization present and future performance. These issues are also very important to the stakeholders of the business (Strydon et al, 2009 ). The outlined factors are very critical for purposes of achieving the vision of the business mostly because they are specific to a particular kind of enterprise. The other importance of these critical factors is that they define particular areas of performance that are crucial for the achievement of the business goals and objectives (Malhotra, 2002).

The other importance of the critical factors for successful entrepreneur model is to enable entrepreneurs to adopt strategies that can improve the productivity of the business and enhance its growth. This model outlines the do and don’ts in a business world for purposes of remaining relevant and competitive (Hair, 2003).

Appreciation of the five critical success factors is paramount since these factors are the key drivers of an organizations strategy. These factors are considered vital for purposes of an organization strategic planning as well as a platform for an organization to validate and focus on key projects, initiatives, as well as activities. The critical success factors enable entrepreneurs to direct their efforts towards realization of the company’s vision and the ability of the organization to remain relevant.

Critical success factors provide strategic planners a basis on which they can be able to collect as well as validate the data. In instances where there is an overload of date, critical success factors provide a better avenue through which the relevant information can be filtered and the irrelevant discarded.

2.1. Recommendations

In the process of strategic planning several aspects should be put into consideration:

Factors that are critical to a particular organization should be assessed carefully

The critical factors for a particular industry should be identified with regard to a set timeframe.

There should be a consideration of what can be traded off in other areas of an organization while at the same time maintain the company’s profitability in the long run.

The goals that can assist the company to accomplish the general critical success factors should be identified.

Finally, in an effort to achieve the set goals of a company, all the critical success factors should be identified, implemented, monitored, and reviewed.

2.2.Limitations of the study

The study was limited to giving a comprehensive discussion of the success factors and their characteristics.

During the study the respondents were unwilling to answer particular questions regarding their business financial matters. This is because most business owners were reluctant to give information regarding their business enterprise.   There was partiality on the methods used to determine business success

The use of questionnaires with close ended questions may have limited the responses of the respondents since they were not able to express their views in a detailed way.

 

2.3.Conclusion

Entrepreneurship involves finding opportunities, market making, as well as utilization of such opportunities. In an effort to attain the status of a successful entrepreneur there are a number of success factors that such an entrepreneur must consider. Some of these success factors for a successful entrepreneur include; Execution of business plans in a swift and effective way is also a key factor in achieving success in any kind of entrepreneurship (Porter, 2000). This can only happen where the company has identified its objectives as well as business plans, and effectively communicated them throughout the organization while encouraging involvement and adoption of such plans at all levels (Lazear, 2002).

Another success factor involves creating a strong marketing foundation. There are indications that companies that have done very well over the years spent resources as well as quality time to cautiously develop value propositions that are very unique, and also build a sale tool foundation before they launch their products (Shane, 2003). In addition, companies that seek to be successful should exhibit fiscal prudence, yet be prepared to mull over targeted investment for purposes of developing a strong infrastructure of their business. In addition to that, the entrepreneurs who seek success must undertake research in the area of competition.  The firm needs to carry out a research and classify its competitors outlining their weaknesses and strong points. From the research a company can be at a better position to make a comparison with the competitors and assist the company strengthens its weak points.

Further, a number of successful entrepreneurs agree that to be a successful entrepreneur, one must be able to build a marketing and sales team that has common measures, objectives as well as common milestones. Most successful companies have registered better results by encouraging sales and marketing team to work together. The last but not in any way the list of success factor for successful entrepreneur is the ability of an entrepreneur  to highlight the stretch goals of a company with specific timelines as well as rational highlight. These goals must match with the set spending and investment plans of the company. Certainly, there is a need for every firm to have a clear mission statement as well as a clear vision. It should be noted that there is not a particular success recipe that can be identified as the only way to successful entrepreneurship.  Nonetheless, there are a number of common factors that a good number of successful entrepreneurs have used which have contributed a great deal to the success stories of their respective companies.

 

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